Banks offer 'home preservation workshop'

November 30, 2009 3:43:58 PM PST
The Obama administration is cracking down on mortgage companies that don't do enough to help borrowers who risk losing their homes to foreclosure. The Treasury Department said Monday it may fine mortgage companies that have failed to modify borrowers' loans. The $75 billion "Making Home Affordable" relief program allows homeowners to have their interest rate reduced to as low as 2 percent for five years. Three-hundred-seventy-five-thousand homeowners qualify, but so far only about 1,700 have received a new loan.

Part of the problem is that borrowers are not turning in the required paperwork. Wells Fargo is helping out by giving customers a chance to meet mortgage specialists in person. Bank workers were at McCormick Place on Monday to set up a three-day "home preservation workshop."

The workshop is open to Wells Fargo and Wachovia customers only. It will be held December 1st, 2nd and 3rd at McCormick Place West building from 10 a.m. to 7 p.m. each day. Online registration is open until midnight tonight: www.wfhmevents.com/leadingthewayhome.

Walk-ins will be accommodated, but online registration is strongly recommended. Online registration is open until midnight November 30.

Customers who register online and drive to the event can have their parking fees paid for by Wells Fargo if they print out and show their registration confirmation to the parking attendant when they enter Lot A. We cannot otherwise reimburse parking charges at the workshop.

    When registered, customers will receive an appointment time and instructions on what to bring to the workshop including:

  • A letter explaining their situation
  • A list of their assets and expenses
  • Most recent income tax return with all schedules and W-2s
  • Two most recent bank statements
  • Two most recent pay stubs (if they receive them) or documentation of income received from other sources (e.g. alimony or child support)
  • Monthly mortgage statement showing the servicer information and the mortgage loan number
  • Information about other mortgages on their home, if applicable
  • Account balances and minimum monthly payments due on all of their credit cards
  • Account balances and monthly payments on their other debts (such as student loans and car loans)
  • Estimates of other monthly expenditures (such as utility bills, food expenses, insurance payments and entertainment expenses)
  • This event is for Wells Fargo and Wachovia customers only!


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